Pebb Enterprises and the Toledano family’s BH Group have secured an $89.9 million loan for their redevelopment project at the former Office Depot headquarters in Boca Raton. The financing, provided by City National Bank with participation from Abanca, will be used to refinance an existing loan and support ongoing construction, including a new Equinox facility and office tenant improvements at 6600 North Military Trail.
The 29-acre site, now rebranded as The Eclipse, is undergoing significant changes as part of a broader trend in South Florida where developers are repurposing aging suburban office campuses. Pebb Enterprises, led by Ian Weiner, and Aventura-based BH Group are preserving and renovating two office buildings totaling 405,000 square feet. They are also developing outparcels that will include 21,500 square feet of retail and restaurant space alongside a 37,000-square-foot Equinox fitness center.
Scott Wadler and Michael Basinski of Berkadia arranged the financing for the project. Current office tenants at The Eclipse include Atlantic Pacific Companies, Kanner & Pintaluga, and MN8 Energy. ODP Corporation, the parent company of Office Depot, sold the campus to Pebb and BH Group in 2023 for $104 million but continues to lease back some of the office space.
In addition to these renovations, Pebb and BH Group are working with Related Group on a new eight-story apartment building with 500 units on a 10-acre site purchased for $50 million in July. This partnership received final approval for the residential project in February.
BH Group has been active in South Florida real estate over the past three years. In February, it acquired a waterfront apartment complex in North Bay Village for $83 million and partnered with Mast Capital on a bulk condo buyout at Bayshore Park in Coconut Grove with plans for redevelopment into luxury condominiums.
Pebb Enterprises, BH Group, and Related Group are also collaborating on other projects such as The Quay at 17th Street in Fort Lauderdale—a planned 33-story mixed-use tower featuring residential units, commercial space, and a marina.
Across South Florida, developers are increasingly redeveloping older suburban office campuses due to changing work patterns. For example, Bridge Industrial plans to replace Corporate Park of Doral with warehouses totaling nearly 269,000 square feet. Hamilton Development intends to redevelop properties at Flagler Station business park into more than 300,000 square feet of warehouse space. Keystone Development + Investment is converting two office buildings near Dadeland Mall into 212 apartments—the only known office-to-residential conversion currently underway in South Florida.
